New Mexico corporate bylaws will be used to dictate the voting procedures and powers of a corporation’s officers, directors, and shareholders. Additionally, board meetings, committees, and quorum requirements should be meticulously spelled out in this document. Every officer and director will need to be named with the code of conduct that each must follow.
A well-constructed set of New Mexico corporate bylaws will define the corporation as an entity by discussing characteristics such as how it should be taxed, the class of stock that will be available, its mission or goals as an entity, and its daily operations.
Is it REQUIRED in New Mexico?
Yes. NM Stat § 53-11-27 (2018) calls on New Mexico corporations to conduct business under a set of formal corporate bylaws that are approved and followed by its governing officers, directors, and shareholders.